Bank of China to Fight Against Poverty in Tibet Using Blockchain

In a survey conducted by the World Bank in 2015, it shows more than 700 million people are living a life which is full of poverty. These people have been denied their basic rights and needs like food and shelter. The number has gone up with a tremendous rate. The number of people who lived a life of poverty was 1.75 billion in the year 1990.

Bank of China (BoC), one of the biggest bank under the ownership of state has announced that it will be working on exterminating poverty with the use of the latest weapon called the blockchain technology in the Southwest China Tibet. Bank of China will be using the blockchain technology to enhance the current cloud-based system of the Bank’s fund to reduce poverty.

The blockchain technology will be put to use in security check of the bank’s transaction, information access, document exchange and consequent distribution of the assets. The cloud-based systems give framework empowers the project management team to process the reserve application for the battle against poverty. Blockchain technology will give a multi-hub network to effectively remain associated with the partners of the bank and other fund candidates.

They are planning similar projects in poverty affected provinces like Gansu, Yunan, and Qinghai. Tibet’s regional poverty relief office has said that around 330,000 people are in poverty which is about 12.4% of the total population.

The Chinese government has allocated $2.6 billion for the fight against poverty, which would be used by more than 1,700 anti-poverty projects to relocate and help increase the income of the people.

Even though the Chinese government’s contempt of cryptocurrency has not extended to blockchain technology which supports the tokens, China is implementing blockchain technology in various industries like the financial sector, record keeping, transportation, food safety, and tracking. China is leading the global pack in terms of the number of blockchain patents being filed. The government has allocated millions of dollars for the research and growth of blockchain technology inside the country.

Xao Chi, an activist has tweeted:

“It’s dark
It’s cold.
You’re hungry.
You feel like there’s no hope left.
Totally abandoned.
#poverty has to be stamped out now!”

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